Small Investment Fund That Got
Big Chunks of IPOs Is Investigated

By

Susan Pulliam and

Randall Smith Staff Reporters of The Wall Street Journal

Updated May 11, 2001 12:00 a.m. ET

Criminal prosecutors investigating possible IPO abuses are examining how a little-known investment fund received unusually large chunks of hot new stock issues from big Wall Street firms, according to people familiar with the matter.

At issue is whether the small fund paid excessive trading commissions to Wall Street securities firms in exchange for allocations of hot initial public stock offerings during the technology-stock mania of...